Federal employee pay has been a target in cost-cutting efforts by the President and Congress, aided by a public perception of feds as overpaid "fat cats." Claims about public vs. private pay have swung widely - from the Federal Salary Council's data that shows feds are paid 24 percent less than the private sector, to a Cato Institute report that says feds are paid double the private sector. What's the reality? Federal News Radio brings you interviews and analysis on the federal pay debate.

Email this article to a friend

Federal Reserve Bank pay soars

Friday - 10/22/2010, 2:52pm EDT

As what's perceived as excessive federal pay and benefits get more attention by the public, the conservative Cato Institute said "the compensation policies of the Federal Reserve System also deserve scrutiny."

According to Cato, the average wage of Federal Reserve employees was $84,054 in 2009, while the private sector average was $50,462. The average wage of the 2,000 workers on the Fed's Board of Governors was $116,030.

Cato urges Congress to examine Fed employees' pay.

"As a monopoly immune from competition, the Fed will tend to have a bloated bureaucracy," according to the article.